I own a freehold residence in Ulceby yet charged rent, why is this and what is this?
It’s unusual for properties in Ulceby and has limited impact for conveyancing in Ulceby but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Is it the case that all Ulceby conveyancing solicitors on the Leeds Building Society conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the Leeds Building Society conveyancing panel they would need to be overseen by the SRA. Many banks do permit licenced conveyancers on their panel and in that case the practice would be regulated by the CLC.
We had selected conveyancers located in Ulceby on the Principality solicitor panel. They are now charging me a further fee for handling the Principality mortgage. Is this a supplemental conveyancing fee set by Principality?
Unfortunately, so long as it is in their Terms of Engagement or estimate then yes your conveyancing practitioner is entitled to levy a fee for this. This fee is not set by Principality but by your Ulceby property lawyer. Some firms on the Principality panel will charge an ‘acting for lender’ fee but many firms incorporate it on their overall fee.
I am due to exchange contracts on my house. I had a double glazing fitted in April 2008, but did not receive a FENSA certificate or Building Regulation Certificate. My buyer's mortgage company, Santander are being difficult. The Ulceby solicitor who is on the Santander conveyancing panel is recommending indemnity insurance as a solution but Santander are requiring a building regulation certificate. Why do Santander have a conveyancing panel if they don't accept advice from them?
It is probably the case that Santander have referred the matter to their valuer. The reason why Santander may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
I have been told that property searches are the number one reason for obstruction in Ulceby house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of slowing down conveyancing in Ulceby.
It has been 4 months following my purchase conveyancing in Ulceby completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I need to instruct a conveyancing practitioner in Ulceby for my house move. Is it possible to review a solicitor's complaints history with the profession’s regulator?
One may review published Solicitor Regulator Association (SRA) decisions resulting from inquisitions from 2008 onwards. Visit Check a solicitor's record. To find details about the period before 1 January 2008, or to check a firm's record, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, use +44 (0)121 329 6800. The SRA could recorded telephone calls for training requirements.
Can you provide any advice for leasehold conveyancing in Ulceby with the intention of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Ulceby can be avoided where you instruct lawyers the minute you market your property and ask them to put together the leasehold documentation which will be required by the buyers’ lawyers. A minority of Ulceby leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. If you hold a share in a the freehold, you should ensure that you are holding the original share document. Arranging a duplicate share certificate is often a time consuming process and slows down many a Ulceby conveyancing deal. If a duplicate share is required, do contact the company officers or managing agents (where applicable) for this as soon as possible. You may think that you are aware of the number of years left on your lease but you should verify this by asking your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to where the remaining number of years is under 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.
I am the registered owner of a ground floor flat in Ulceby, conveyancing having been completed in 2012. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Ulceby with over 90 years remaining are worth £255,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease comes to an end on 21st October 2098
You have 73 years unexpired we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.